“Targeted acquisitions of smart beta firms, of managers able to outperform their index, and of active managers sheltered from the shift to passive will remain of interest. Transactional activity in non‐ traditional asset classes such as infrastructure, real estate, private debt and private equity will remain strong, and, possibly, we may even see increasing interest in hedge fund managers who recovered in 2017 from a long period of underperformance,” according to Cambridge’s annual review of transactional themes and developments in the investment management industry during the past year.